Geofencing market is estimated to exhibit high growth potential during the forecast period owing to rapid adoption of geofencing solutions and services. Major driving factor in the growth of geofencing market is the growing need for analytical tools and increasing need for spatial data. Increasing advancements in technology is another major factor responsible for the growth of geofencing market. Increasing awareness about safety and security is one major factor driving the growth of geofencing market.

Companies like Thumbvista, Pulsate, and Bluedot Innovation are among the key players in the geofencing market. Bluedot Innovation has announced location marketing with geofencing which helps in providing high accuracy location services. This is one major factor driving the growth of geofencing market. The company focusses on offering innovative solutions and keeps up with the fast pace of the technological advancements. Geofencing provides a track of competitors marketing activities too and rise in business intelligence are other major factors driving the growth of geofencing market.

According to Market Research Future Analysis, Geofencing Market has been valued at approx. USD 2,387 Million by the end of forecast period with 27% of CAGR during forecast period 2017 to 2023.

Geofencing market has been segmented on the basis of component, geofencing type, organization size and vertical. The vertical type segment is further bifurcated into BFSI, healthcare, manufacturing, retail, transportation, media & entertainment, government and others. Out of which, transportation sub segment is expected to hold the largest market share of the geofencing market. This is owing to the increasing application of geofencing in the transportation vertical. Geofencing applications in the transportation vertical includes asset monitoring, speed limiting, fleet management, commercial transport management and freight management.

The major factor restraining the growth of geofencing market is the lack of awareness and growing privacy and security concerns. This could be a major factor that could cause hindrance in the growth of geofencing market. Legal safety factor can be another major factor which could hamper the growth of geofencing market. Increasing data complexity is also another factor that could cause hindrance in the growth of geofencing market.

Commenting on the report, an analyst from Market Research Future (MRFR)’s team said:

Geofencing market can be segmented on the basis of component, geofencing type, organization size and vertical. The component segment is bifurcated into software and services. Out of which, the services sub segment is further bifurcated into deployment & integration services, support & integration services, consulting & advisory services and API management & testing services. The services sub segment is expected to hold the largest market share of the geofencing market. The API and testing services is expected to grow at the highest rate during the forecast period. This is due to the services it offers, like security services and application access management. The application testing services offers automated testing services for commercial customers.

The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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